Record the treasury stock transactions given below under, Ask an Expert

Accounting

Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share)

Paid-in Capital in Excess of Pay: $99,000
Common Stock: $270,000
Retained Earnings: $80,000

Instructions:

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

(a) Bought 380 shares of treasury stock at $40 per share.

(b) Bought 300 shares of treasury stock at $45 per share.

(d) Sold 110 shares of treasury stock at $38 per shares.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9446715

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